What Can You Learn From Coinmarketcap's Daily Trading Volume Reports
When it comes to checking the price of a cryptocurrency, Coinmarketcap is the go to website for that. Their price feed is considered accurate and it is the de facto value in many currency-based apps and projects.
But what few people know is that Coinmarketcap also has a handful of other, very useful statistics. The one that I'm going to briefly mention today is the Daily Volume Trading or 24 hours trading as they call it.
Just by looking at this graph you can get a lot of interesting insights:
- total volume is still relevant, putting Steem in the Top 50 currencies, with more than $4 millions per day
- Bittrex surpassed Poloniex with more than 20%, probably becoming the de facto exchange for Steem from now on and it accounts for more than 50% of the entire trading volume
- price difference between Poloniex and Bittrex is significant. Given that Poloniex still have their Steemit wallet frozen, I can only speculate that many Steem whales who parked their Steem stash over there are now dumping, exchanging to Bitcoin, just to be able to move their value somehow out of Poloniex. Hence, the price dive.
- the highest price for Steem is $1.79 on HitBTC, although the median price is just $1.25 (I need to visit this exchange more often)
- the alt market for Steem (meaning pairs which are NOT Bitcoin) is less than 5% of the entire market volume, the dominant pair being STEEM/ETH on Poloniex
So, as you can see, just a few seconds look at the right statistics table can give you a lot of insight about the markets.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):
Very informative article, I myself use coin market cap and did not realise this cheers
When you see such high differences in prices between different exchanges, it should be an alert sign. The only trustworthy exchange right now for Steem is Bittrex. If you try to arbitrage Steem right now, my guess is, you're fucked.
Quite an educated guess, I may add :)
Wow the price of steem is crazy on HitBTC
I guess it is a good idea to look at trading volume to see how much support is behind it and where people are putting their money.
Thanks for the tips @dragosroua
Unfortunately, the Steem/SBD wallet s frozen too on HitBTC.
Thanks for sharing that is an interesting statistic page for sure
Very Helpful post , thank you so much @dragosroua
Right now I am using polonix but thinking to switch.
Great work. As always. Thanks for your content
meep
great post , thanks
i use coincap a lot thanks for telling about this too